Wausau Premarital Agreements Lawyer
When you get married, the property you own merges with that of your spouse and becomes "marital" property. If you are about to get married and want to keep some of your property from becoming part of the marriage estate, you should consider a prenuptial or premarital agreement. Schmidt & Schmidt, S.C., has drafted many of these agreements as well as antenuptial or post-marital agreements, which spouses enter into after they have said their vows.
Our experienced family law attorneys work together for the good of the client, providing both the best service and the best of all possible results. If you have questions about prenuptial or antenuptial agreements, contact our Wausau premarital agreements attorneys online or call 715-845-9621 to schedule an appointment to discuss your plans.
Under marital property law, a couple (before they are married) or a husband and wife (after they are married) can contract as to who actually owns the property and how it is to be shared or distributed upon a death or a divorce.
The Basics of Marital Property Contracts
Under Wisconsin law, there are three basic kinds of property for the purposes of prenuptial and antenuptial agreements: individual property, commingled property and marital property.
- Marital property: This refers to property that is acquired during the marriage as well as any property that was brought by either party into the marriage.
- Individual property: This refers to property owned by the parties individually. This property will become marital property once they have said their vows unless they agree otherwise. Examples of property people sometimes want to exclude from marriage by agreement are vacation homes, retirement accounts and pension plans.
- Commingled property: When the partners get married and they share assets, such as depositing funds in a joint bank account, the property is said to be commingled. Commingled property is generally considered marital property unless, again, there is an agreement.
The Wausau law firm of Schmidt & Schmidt, S.C., has drafted many prenuptial and antenuptial property agreements for many satisfied clients over the years. We will make sure your exact intent is reflected so that there can be no doubt as to what you wanted to retain as individual property.
Premarital and Post-Marital Agreement Requirements
Marital property agreements have two major requirements: 1) that a marital property agreement must be fair and 2) it must have full disclosure.
Fairness: "Fair," for purposes of a marital property agreement, means that each party:
- Has had an opportunity to review the other party's financial disclosure,
- That the agreement is inherently fair to both people (not lopsided or vindictive), and
- Each party has the right to have his or her own attorney review the documents.
Full disclosure: Each party must reveal to the other party all of the following:
- His or her assets and all the property he or she owns
- All of his or her liabilities, both long-term and short-term debts
- His or her sources of income
- His or her monthly expenses
Failure to fully disclose your financial information by hiding, underreporting or misrepresenting any assets, income or debt could be grounds for a court to later overturn the marital property agreement. If you require assistance with the due diligence required for one of these property agreements, our experienced business law and estate planning attorneys can assist you.
Contact Our Weston Prenuptial Agreements Attorney
Schmidt & Schmidt, S.C., in Wausau, Wisconsin, has provided estate planning, business law and family law services to Marathon County people since 1920. Our attorneys will assist you in making a plan, calculating your assets and liabilities, and finally in drafting the property agreement itself. We look forward to hearing from you in the very near future.
Please contact our knowledgeable marital property lawyers online or call 715-845-9621 to schedule a consultation. Weekend and evening times are available by appointment. We can also meet with you in your home, in a health care facility or in another setting, if necessary. Major credit cards are accepted.